Standalone Health Insurance Companies
Health insurance plans have become quite important in today’s times as the incidence of illnesses or injuries is rising on one hand and medical treatments are becoming expensive on the other hand. In such a case, having a health insurance policy provides you with a sense of financial security in the event of medical emergencies. The policy pays for your medical costs thereby sparing your finances and allowing you to afford quality healthcare.
Health insurance plans are offered by almost all general insurance companies in India. However, there are standalone health insurance providers that offer only health and travel insurance plans. Presently, there are five standalone health insurance providers in India.
How to choose the best health insurance company?
Among the five standalone health insurance providers and more than twenty general insurance companies in India, choosing the right health insurance company can prove challenging. So, here are some aspects that you should keep in mind to choose the best health insurance company –
The best insurer would be the one that –
- Offers the best coverage benefits
- Has a wide variety of plans
- Charges the most competitive premium
- Has a high Claim Settlement Ratio and an ideal Incurred Claims Ratio
- Offers attractive discounts
- Has an easy claim process
- Offers hassle-free post-sales service
Market share of health insurance companies
Market share means the share of the market that a particular insurance company occupies compared to the total insurance market. In India, the market share of standalone health insurance companies is as follows –
(Source: https://www.ibef.org/industry/insurance-sector-india/infographic)
The Net Promoter Score shows how well the insurance company is promoted by its existing customers. A high score means that the company enjoys good word of mouth publicity. The health insurance Net Promoter Score of leading insurance companies is as follows –
(Source: https://www.numrcxm.com/post/insurance-nps-r-report-numr-survey)
Now that you know the market share and Net Promoter Score, here’s a look at the standalone health insurance providers and their brief details.
Standalone health insurance companies in India 2022
There are five standalone health insurance companies operating currently in India. All companies are privately owned insurance companies and they offer health insurance, personal accident insurance, and travel insurance plans.
Here’s a look at the standalone health insurers in India –
1. Care Health Insurance Limited
Care Health Insurance offers different health and travel products for families, corporates and individuals. Its claim settlement ratio was 95.2% in the financial year 2019-20.
Top Care Health Insurance Plans:
| Care | It is a family health insurance policy that provides comprehensive coverage benefits, both inbuilt and optional, with the sum insured going up to Rs.6 crores |
| Care Heart | Care Heart is a health insurance policy covering pre-existing heart ailments and treatment of total knee replacement with the benefit of automatic recharge. |
| Care Senior | Care Senior is a senior citizen health insurance policy that offers comprehensive coverage at affordable rates |
Key Metrics:
- Incurred claim ratio- 59.13%
- Premium starting at Rs.580 onwards
- Solvency ratio- 1.55
2. Max Bupa Health Insurance Company Limited
Max Bupa Health Insurance was awarded ‘The Best Health Insurance Company in India’ by The Economic Times Best Brands, 2019 awards. The company promises 30 minutes of cashless claim processing for easy claim settlements.
Top Max Bupa Plans:
| Health Companion | Health Companion covers up to 19 relationships and offers customization through a range of add-on benefits |
| Senior First | Senior First is a tailor-made health plan for senior citizens available in gold and platinum plan options |
| CritiCare | Criticare is a health insurance policy which protects you and your family against 20 major critical illness with assured renewal benefit |
Key Metrics:
- Incurred claim ratio- 53.51%
- Premium starting at Rs.1039 onwards
- Solvency ratio- 1.77
3. Aditya Birla Health Insurance Company Limited
Aditya Birla is a trusted and dedicated health insurance provider in India having an 8200+ hospital network and a presence in over 2500+ cities.
Top Aditya Birla Plans:
| Activ Assure+ Super Health Top-up | It is a health insurance policy that offers large cover at an affordable premium covering medical expenses up to INR 1 crore. |
| Activ Care- Senior Citizen | Active Care is a senior citizen health insurance policy that comes in three variants with comprehensive health checkup, coaching and a wide variety of benefits |
| Activ Secure- Critical Illness | This is a critical illness health insurance policy with three critical illness plan options providing protection against 20, 50 or 64 critical illnesses |
Key Metrics:
- Incurred claim ratio- 49.08%
- Premium starting at Rs.1161 onwards
- Solvency ratio- 1.81
4. Star Health and Allied Insurance Company Limited
Star Health was the first standalone health insurance provider in India to begin its operations in the year 2006. It has settled 90% of its cashless claim in less than 2 hours.
Top Star Health Plans:
| Family Health Optima Insurance plan | It is a family floater health insurance policy with three times automatic restoration of the sum insured for complete coverage |
| Senior Citizen Red Carpet Health Insurance policy | It is a health insurance policy for senior citizens over 60 years of age with no pre-acceptance medical screening and comprehensive coverage benefits |
| Star Cancer Care Gold | Star Cancer Care Gold is a health insurance product for persons who are diagnosed with cancer. It is the first-ever product for cancer patients in the health insurance industry. |
Key Metrics:
- Incurred claim ratio- 65.91%
- Premium starting at Rs 769 onwards
- Solvency ratio- 1.88
5. ManipalCigna Health Insurance Company Limited
ManipalCigna was awarded the ‘The Best Health Insurance Brand of the Year 2021.’ The insurance company offers 97% of its cashless approvals within two hours.
Top ManipalCigna Plans:
| Lifetime Health plan | It is a health insurance plan with comprehensive domestic and global coverage which can be customized according to changing life stages with optional packages |
| Lifestyle Protection Critical Care plan | Lifestyle Protection Critical Care covers 15 or 30 critical illness as per the plan and provides access to various online wellness programs |
| Super Top-up | Super Top-up provide additional hospitalization coverage and keeps you covered above and beyond your health insurance policy |
Key Metrics:
- Incurred claim ratio- 61.64%
- Premium starting at- Rs.1668.50 onwards
- Solvency ratio- 1.90
So, check out the health insurance plans offered by these insurers and then buy the best policies for complete protection against medical emergencies.
Standalone Health Insurance Companies FAQs:
Are standalone health insurance companies governed by the IRDAI?
Yes, like other insurance companies operating in the Indian insurance industry, standalone health insurance companies are also governed and regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
Besides health insurance plans what other plans do standalone insurers offer?
Besides a range of health insurance plans, standalone health insurance providers also offer the following types of plans –
Travel insurance plans
Personal accident insurance plans
Group health insurance plans
Can I get a tax benefit if I buy a plan from a standalone health insurance provider?
Yes, health insurance plans qualify for tax deduction under Section 80D of the Income Tax Act, 1961. So, if you buy any health insurance plan from a standalone health insurance provider, you would be eligible for a deduction of up to Rs.25, 000 on the premium paid. This deduction would increase to Rs.50, 000 if you are a senior citizen. Moreover, for investing in a health plan for your senior citizen parents, you can claim an additional deduction of up to Rs.50, 000.
What is the meaning of networked hospitals that standalone insurers are tied up with?
Networked hospitals are those that allow cashless treatments. If you get admitted to a networked hospital, the medical bills would be directly paid by the health insurance company taking off any financial burden from your shoulders.
What is the meaning of the Claim Settlement Ratio?
The Claim Settlement Ratio (CSR) measures the number of claims settled by the insurance company in a financial year against the total number of claims made on it. A high ratio indicates that the company settled most of its claims making the company trustworthy.
What should I do in case of a dispute with a standalone health insurance provider?
If you face any dispute with the health insurance provider, you can contact the grievance redressal agency of the insurance company. You can also escalate the dispute to the insurance ombudsman, the consumer court or even the judicial courts of India.